Sec. 6 Filing Requirements, Due Dates, Retention Requirements, and Extensions

.01 Filing Requirements Administrators of plans subject to the vesting standards of section 203 of the Employee Retirement Income Security Act (ERISA) must file Form 8955-SSA. A plan administrator isn’t required to report a separated participant if the participant's deferred vested benefits are attributable to an annuity contract or custodial account that isn’t required to be treated as part of the section 403(b) plan assets for purposes of the reporting requirements of ERISA Title I as set forth in the Department of Labor, Field Assistance Bulletin 2009-02. Sponsors and administrators of governmental, church, and other plans that aren’t subject to the vesting standards of section 203 of ERISA (including plans that cover only owners and their spouses or cover only partners and their spouses) may elect to file Form 8955-SSA voluntarily.

For plan year beginning on or after January 1, 2024, a filer must file the Form 8955-SSA electronically if the filer is required to file 10 returns of any type during the calendar year that includes the first day of the plan year, see T.D. 9695, final regulations issued under IRC 6057, 6058, and 6059.

Treasury Decision (TD) 9972 amended the rules for filing information returns electronically. The updated regulations mandate that businesses electronically file 10 or more returns of any form type. For instance, information returns processed through the Information Return Intake System (IRIS), Filing Information Returns Electronically (FIRE) System, Affordable Care Act Information Returns (AIR) System, and Form W-2 submissions to the Social Security Administration (SSA) all fall within the same form type category. The total count includes scenarios like four Form 1099-NEC filings via IRIS, two Form 1042-S filings via FIRE, two Form 1095-B filings via AIR, and two Form W-2 filings via SSA. Since the total of all forms filed equals ten, the customer is required to file all information returns electronically. Corrections are not factored into this calculation; however, if an information return is submitted electronically, associated corrections must also be filed electronically using the same system used for the original filing.

Note: All filers are encouraged to file information returns electronically even if they aren’t required to do so.

If a filer is required to file a Form 8955-SSA electronically but does not do so, the filer is considered not to have filed the form even if a paper form is submitted, unless a filer is exempt from the electronic filing requirement. On a year-by-year basis, the IRS may waive the requirement to file Form 8955-SSA electronically in cases of undue hardship. In certain circumstances, a Form 8955-SSA filer may be administratively exempt from the requirement to file electronically. If the IRS’s systems do not support electronic filing of the Form 8955-SSA, taxpayers will not be required to file electronically. In general, the filer should maintain documentation supporting the undue hardship or other applicable reason for not filing electronically. See Regulations section 301.6057-3 for more information on mandatory electronic filing of Form 8955-SSA.

.02 Due Dates

In general, if a Form 8955-SSA must be filed for a plan year, it must be filed by the last day of the seventh month following the last day of that plan year. If any due date falls on a Saturday, Sunday, or legal holiday, the return is considered timely if filed on the next business day.

.03 Retention Requirements

Plan administrators should retain a copy of the information returns filed with the IRS or be able to reconstruct the data for at least three years after the due date of the returns.

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.04 Extensions

An extension may be requested by filing Form 5558, Application for Extension of Time To File Certain Employee Plan Returns , on or before the normal due date (not including any extension) of the Form 8955-SSA. See the instructions, located on the back of Form 5558, for specific guidance.

Note: An automatic extension of time to file Form 8955-SSA until the due date of the federal income tax return of the employer will be granted if certain conditions are met. An extension can’t be extended further by using Form 5558. The time to file can’t be extended more than 9 1/2 months beyond the close of the plan year. Beginning January 1, 2025, you can file Form 5558 electronically through the DOL EFAST2 filing system or you can file paper Form 5558 with the IRS.